UBS Raises Price Target on Agilent Technologies (A) Following Solid 4Q Results
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UBS reiterated a Neutral rating on Agilent Technologies (NYSE: A), and raised the price target to $48.00 (from $45.00), following the company's 4Q earnings report. Agilent reported EPS of $0.59, above the consensus estimates of $0.52. Core revenue growth of 6.3% exceeded the 1.2% midpoint of guidance driven by better than expected performance in the instrument business, Pharma, China and Europe.
Analyst Jonathan Groberg commented, "Agilent reported FY4Q16 results Tuesday with sales of $1.11b, above both our estimate of $1.06b and consensus estimates of $1.07b. Adj. EPS of $0.59 was also above both ours and consensus estimates of $0.52. For FY17 management guided to revenue of $4.35b - $4.37b (4.3% core growth), in-line with consensus, an adjusted operating margin of 21.5% at the high end, which is 50bps below previous guidance, and adj. EPS of $2.10 - $2.16, $0.06 below consensus of $2.19 despite the $0.07 4Q beat. FY1Q17 guidance is for revenue of $1.04b - $1.06b and adj. EPS of $0.48 -$0.50."
Shares of Agilent closed at $45.40 yesterday.
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